President Trump slammed Federal Reserve Chairman Jerome Powell ahead of an expected decision Wednesday to leave interest rates where they are instead of agreeing to the president’s demand for a cut.

The central bank is expected to leave the benchmark rates between 4.25% and 4.5%, given the uncertainty around Mr. Trump’s trade policies.

“We have a stupid person at the Fed, he probably won’t cut today,” Mr. Trump said as he inspected new flagpoles at the White House. “I guess he’s a political guy, I don’t know. He’s costing the country a fortune.”

Mr. Trump is furious over inaction at the Fed. He wants the central bank to cut interest rates by one or two full points because, so far, inflation has been tame during his second term.

Mr. Powell says he needs to take it slow because the central bank could be caught between controlling inflation and spurring economic growth, due to Mr. Trump’s tariffs and other economic policies.

The president has given Mr. Powell a series of demeaning nicknames, including “Too Late,” and says Europe is cutting rates so the U.S. should, too.

The Fed is an independent agency that is supposed to be free from direct political pressure. The president appoints a Fed chairman every four years, but does not have the authority to fire the chairman.

Mr. Powell’s term as chair ends May 2026.

Mr. Trump in April shot down speculation that he would try to oust Mr. Powell, saying he had “no intentions of firing him.”

“I call him ’Too-Late Powell’ because he’s always too late,” Mr. Trump said Wednesday. “Maybe I should go to the Fed.”

• Tom Howell Jr. can be reached at thowell@washingtontimes.com.